Markets Tumble, Legal Blows to Tariffs, and Cultural Shifts Define the Day

Stocks Dip Amid Inflation Stability and Soft Tech Forecasts

U.S. equity markets are retreating with the Nasdaq dropping sharply following weak guidance from notable AI-linked tech firms, including Dell, Nvidia, Broadcom, and Oracle. Dell plummets approximately 10%, while the others each fall more than 3%, underlining jittery sentiment in AI sectors—even as the broader S&P 500 secures a fourth consecutive monthly gain.
The inflation picture remains steady; the July Personal Consumption Expenditures index rises 2.6% year-over-year, matching expectations. Markets are responding with anticipation of a September interest-rate cut, with futures now pricing in an 89% chance, up from 63% just a month ago.

Appeals Court Invalidates Most of Trump’s Global Tariffs

A federal appeals court rules that the majority of former President Trump’s global tariffs, imposed under the International Emergency Economic Powers Act, exceed constitutional authority and are therefore illegal. Nonetheless, the court keeps the tariffs intact until October 14 pending a potential Supreme Court review.
Former President Trump responds aggressively, asserting that the Supreme Court will uphold his actions and warning that reversing the tariffs could “destroy” the country.

Turmoil at the CDC Amid Political Intrigue

Internal strife is gripping the Centers for Disease Control and Prevention, as staff push back against recent controversial policy decisions and leadership changes.
Meanwhile, federal watchdogs are awaiting a judicial ruling in a high-profile case—Federal Reserve Governor Lisa Cook is pursuing a temporary restraining order to block President Trump from firing her.

Texas Redistricting Sparks Partisan Flashpoint

Texas Governor Greg Abbott signs a new congressional map into law—widely seen as favoring Republican representation amid mounting partisan friction.
Simultaneously, in immigration policy, a U.S. appeals court upholds a previous ruling that Trump’s decision to terminate Temporary Protected Status (TPS) for Venezuelans was likely unlawful.

Looking Ahead

All eyes turn to the Federal Reserve's upcoming September meeting, as stable inflation and market volatility intensify speculation around potential rate cuts. The Supreme Court may soon weigh in on the legality of Trump-era tariffs, reshaping executive power in trade policy. At the CDC, industry watchdogs are watching for fallout from ongoing internal dissent and legal challenges. In politics, Texas’s new congressional map and abrupt TPS rulings underscore the high stakes ahead of the 2026 midterms.